Volkswagen third-quarter 2002 net profit has fallen 51% percent despite a small rise in sales though share values rose slightly as the German automaker stuck to its full-year profit target, the Wall Street Journal (WSJ) reported.
The WSJ said Europe’s biggest car maker reported a net profit of 439 million euros ($US432.4 million) for Q3, 2002, down 903 million euros in the same period a year earlier. Sales rose 2.2% to 21.21 billion euros from 20.76 billion, the WSJ added.
According to the WSJ, Volkswagen said the profit decline was caused partly by a one-off gain that boosted third-quarter earnings a year ago by 200 million euros.
VW also said that the value of its investments tumbled and that unfavourable foreign-exchange rates and higher warranty and start-up costs took their toll, the Wall Street Journal said.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData